Editor's note: This article has been updated since publication to more accurately reflect the current uranium spot price. The uranium spot price may have held its ground moving into April, but as the month wore on it dipped to $38.25 per pound of U3O8. The price slipped even further last week, and on May 4 recorded its largest one-week fall since November 2014.
Fortunately for uranium fans there was some brighter news towards the end of last week. TradeTech notes that the U3O8 spot indicator "exhibited signs of a slight rebound ... and even showed some strengthening as the week came to a close." Specifically, the uranium spot price ended Friday up $0.50, at $36. The long-term uranium price remains largely unchanged and last week clocked in at $49 per pound of U3O8. However, both Raymond James and Haywood Securities have pointed to rumors that a non-US utility will enter the market and request roughly 9 million pounds of U3O8 for delivery from 2017 to 2026. China starts nuclear Last week, China started construction of its first "third generation" nuclear reactor. The ACP1000 reactor was developed by China National Nuclear, and is designed to extract more energy from uranium fuel than previous technologies, Tuoitre News reported. The reactor is among several other "third generation" reactors currently under construction, and China National Nuclear's general manager, Qian Zhimin, told reporters last week that the project is "very important for our nuclear going-global strategy." Indeed, the reactor is seen as a product of independent innovation, and is a stepping stone in the Asian country's plans to take its nuclear technology global. As Neutron Bytes noted last week, it's full steam ahead for two giant rival state-owned nuclear firms in China that are aiming to "achieve success with exports and increased market share of the restarted domestic reactor construction program."